GBPUSD: short if Neckline is Broken

26 мар. 2023 г.

The GBP/USD has broken the weekly downtrend but faced support at the 1.215 level, which is also the 23.60 Fibonacci level. I expect the price to retest the previous resistance level around 1.228 to form a head and shoulders pattern before reversing down to attempt to break the neckline at 1.220. This would be a signal to enter a bearish trade with a target of at least 1.214.

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